I think Oanda FXTrade is unreliable | Page 25 | Forex Factory

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I think Oanda FXTrade is unreliable

  • #481
  • Aug 1, 2010 7:52pm Aug 1, 2010 7:52pm
Quoting damosdmf
i closed my account idiot not them why would i want an account open when i cant use it

regards damien

You wrote

Quoting damosdmf
was closed before it was even funded
So when you are already incapable of writing in some proper English you most probably are even more incapable of properly using your own PC.
  • #482
  • Aug 1, 2010 8:00pm Aug 1, 2010 8:00pm
did i say who closed it no i said it was closed before it was even funded learn to read before you start trolling forums

regards damien
i pull the trigger when others are fearful---me
  • #483
  • Aug 1, 2010 9:54pm Aug 1, 2010 9:54pm
you funny guy, you
  • #484
  • Edited 12:09pm Sep 2, 2010 11:54am | Edited 12:09pm
I have used Oanda for almost 1 year now, and I make a few trades (at least) every day. For scalping, because of the spread and execution speed, I don't think there is anyone better.

I use one touch fast entry with a 0.8 pip "bounds" on my market orders. If am not going to get filled within 0.8 pips of current price, my order is rejected. Yes, sometimes when the market is moving fast against you, it can hurt you...but honestly, it has to be an extremely volatile market.
I almost always get the price I see, with basically instant execution.

I've compared their quotes with MB Trading, an ECN, and the short-term fluctuations are identical in basic movement.

Only once in the past year (1500 trades) have I lost connection while IN a trade, my emergency stop-loss was hit (12 pips).

Yes their charting is sub-par, but I have exactly 1 indicator on my chart, a simple MA...so it doesn't matter.

If you are going to scalp short time frames (which I do NOT recommend for new people in FOREX), they are clearly the BEST.

The only strong argument I can see for NOT using Oanda is lack of ability to use MetaTrader.
  • #485
  • Sep 2, 2010 12:03pm Sep 2, 2010 12:03pm
In the past 2 months I've been using my Oanda account more. The usual use of Oanda is to trade Spot Silver/Gold. Lately I've added currencies to that trading list. With Oanda offer 4 pips spread on EurNzd EurAud pair, I could not pass up that those kind of savings.

My regular broker, GFT, offers those pairs at 8-10 pips spread for Eurnzd and a bit less for Euraud. If Oanda can keep their spreads low and consistent, I may have to move a lot more funds over, maybe even use them as my primary broker.
  • #486
  • Sep 3, 2010 8:30am Sep 3, 2010 8:30am
Today was the 1st time that Oanda did not execute my SL order. Therefore I closed the position manually and it is 16pips below my SL. I talked to them instantly and the problem has been solved within 15min. Here is the dialogue between oanda & me.

Please wait for an agent to respond.
You are now chatting with 'OANDA'
OANDA: Thank you for choosing OANDA. How may I help you?
Vincent: my stop loss order was not executed just now.
Vincent: but i already closed it manually
OANDA: Just one moment
Vincent: the ticket number is xxxxxxxxx
OANDA: In order for me to assist you, please answer me the security question "xxxxxxxxxxxxxxx"?
Vincent: xxxxxxxxxxxx
OANDA: Thank you, just one moment as I review your trade concern.
Vincent: ok
OANDA: From my review the SL should have triggered, we will work on correcting the issue by processing a credit for the actual SL you entered. We will respond to you within 1-2 business days once the credit and all issues is resolved with the ticket.
Vincent: ic
Vincent: Thank you.

Oanda maybe not perfect, but it is good compare to a lot of mm.
  • #487
  • Sep 4, 2010 3:23am Sep 4, 2010 3:23am
which experienced trader uses market orders? all the james16 seniors use limit orders and i think that is the only way to go. do you really play the market like that, with market orders? how can you win at this game ? why don't you go ahead and play the lottery maybe you might stand a chance to win there. conclusion: a bunch of idiots making acusations to oanda when they should shut up and perhaps learn how to trade.
  • #488
  • Sep 4, 2010 10:22am Sep 4, 2010 10:22am
Quoting deltatrade
which experienced trader uses market orders? all the james16 seniors use limit orders and i think that is the only way to go. do you really play the market like that, with market orders? how can you win at this game ? why don't you go ahead and play the lottery maybe you might stand a chance to win there. conclusion: a bunch of idiots making acusations to oanda when they should shut up and perhaps learn how to trade.
I scalp all day with nothing but market orders at Oanda. 100-200 transactions a day is not uncommon for me.

See page 14 of this thread for a blotter.
  • #489
  • Sep 4, 2010 3:01pm Sep 4, 2010 3:01pm
Quoting deltatrade
which experienced trader uses market orders? all the james16 seniors use limit orders and i think that is the only way to go. do you really play the market like that, with market orders? how can you win at this game ? why don't you go ahead and play the lottery maybe you might stand a chance to win there. conclusion: a bunch of idiots making acusations to oanda when they should shut up and perhaps learn how to trade.
Not I. I exclusively use Stop and Limit orders.

The problem scalpers are having getting orders filled could be because they are using Market orders.
  • #490
  • Sep 4, 2010 5:48pm Sep 4, 2010 5:48pm
I trade using market orders with Oanda and haven't had one single problem. If you want to get in quick market orders are the way to go. Whether a trader uses market or limit orders shouldn't impact profits much at all, at least nothing worth mentioning. If a trader is having problems making money then they should brush up on their TA skills and learn to find setups, not blame it on slippage and other things that are of little concern.
Get money, don't let money get you. @kauaiforex
  • #491
  • Sep 4, 2010 6:17pm Sep 4, 2010 6:17pm
Quoting NoJobRob
I trade using market orders with Oanda and haven't had one single problem. If you want to get in quick market orders are the way to go. Whether a trader uses market or limit orders shouldn't impact profits much at all, at least nothing worth mentioning. If a trader is having problems making money then they should brush up on their TA skills and learn to find setups, not blame it on slippage and other things that are of little concern.
Thats not correct.

Using Stop/Limit orders will guarantee you'll get the price you want.

Market orders are more like pi$$ing in the wind for entries and hope to hit the your pricing mark. Nothing is guaranteed and at times you'll get filled at a terrible price. I've seen traders get filled 100 pips past their entry mark because of Market orders.
  • #492
  • Sep 4, 2010 6:27pm Sep 4, 2010 6:27pm
Quoting Jhig
Thats not correct.

Using Stop/Limit orders will guarantee you'll get the price you want.

Market orders are more like pi$$ing in the wind for entries and hope to hit the your pricing mark. Nothing is guaranteed and at times you'll get filled at a terrible price. I've seen traders get filled 100 pips past their entry mark because of Market orders.
I've never seen that, or even heard of that before. What were the market conditions when that happened? During or between the main market hours? Were they trading news? Chasing? Not that I don't believe you, I'm just saying that seems a little crazy. What broker(s) were they using?
Get money, don't let money get you. @kauaiforex
  • #493
  • Sep 6, 2010 6:17am Sep 6, 2010 6:17am
the reason why i was a little bit hursh on market orders is because someone who criticize oanda has made an astounishing discovery. he sad that slippage should go something like 50/50 probability. that means that markets are likely to go in any moment up or down with equal probability. i consider this argument to be false.
  • #494
  • Edited 9:23am Sep 6, 2010 9:12am | Edited 9:23am
I am trading automated (sometimes dozens of market orders in a few hours) with a selfmade API (that uses the fxtrade java applet) and the average slippage (mainly caused by delays) is neither positive nor negative. On average I get filled exactly on the quoted bid or ask, sometimes higher, sometimes lower but on average there is no bias against me, I would have already noticed after 1000s of market orders.

I don't know what the OP is speaking about. Maybe he does not know how to display bid/ask prices in the chart and thinks they must fill his orders at the average price that is used for plotting the candles or he is just heavily biased through selective perception and ignores each time it slips in his favor.

Or maybe he is just incredibly good in predicting the next few ticks, but in this case he should concentrate on exploiting this paranormal ability instead of making it work against him.
  • #495
  • Sep 6, 2010 9:24am Sep 6, 2010 9:24am
Quoting 7bit
I am trading automated (sometimes dozens of market orders in a few hours) with a selfmade API (that uses the fxtrade java applet) and the average slippage (mainly caused by delays) is neither positive nor negative. On average I get filled exactly on the quoted bid or ask, sometimes higher, sometimes lower but on average there is no bias against me, I would have already noticed after 1000s of market orders.

I don't know what the OP is speaking about. Maybe he does not know how to display bid/ask prices in the chart and thinks they must fill...
Do you keep detailed statistics about this ?

What size do yo trade ?
  • #496
  • Edited 9:42am Sep 6, 2010 9:31am | Edited 9:42am
Quoting Cocoflanel
Do you keep detailed statistics about this ?

What size do yo trade ?
No detailed statistics. When reviewing the trades I see nothing that would make me suspicious, I would have made statistics if there would have been some initial suspicion but there is none.

The sizes are not overwhelmingly big (I dont think I can move oanda's market) but I also don't believe the OP can. Also from what I understand how their market works It should (could!) never ever be allowed to react to the retail trades in any way and must be strictly tied to their upstream feed or they would open up a can of worms with the potential to hurt themselves whenever the market does something other than their algos would predict. (Their business model (as they describe it) should have its profit maximum when their quoted prices follow their own upstream feed as fast and as close as possible.)
  • #497
  • Sep 6, 2010 9:49am Sep 6, 2010 9:49am
It would be interesting to see a screenshot of such a slippage event (order not filled at the quoted price at the time of filling) that actually happened to somebody (show historic trades, 5 second chart, min-max display)
  • #498
  • Sep 6, 2010 11:48am Sep 6, 2010 11:48am
I always place limit order with oanda and I never slip beyond 0.3 pips in regardless of pairs.

Those who blame oanda for ridiculus slippage are those who never use bound to protect themself against slippage. They are just looking for a scapegoat instead of looking at their own mistake.

Those who trade forex should understand that market price is not continuous but leap. Huge slippage is rare but it will eventually happen.
  • #499
  • Dec 4, 2010 6:31pm Dec 4, 2010 6:31pm
Jimbill. You can access better charts for Oanda and for free on the FxSpyder version of Oanda. But if you want to autotrade or trade live via this platform there is a fee. It uses a direct connection to the Oanda server, so it is as reliable as Oanda and no delays. I have actually found it to be faster than using Oanda's resident platform at times.
  • #500
  • Apr 6, 2011 10:48am Apr 6, 2011 10:48am
Quote
04/06/11 17:33:28 Robot:test 14: (-2) Oanda account exception : Server Busy

Oanda has had so many errors these past 2 weeks, I am thinking about switching brokers but after the pain of learning to program with FxSpyder I don't really want to learn another language like Metatrader.
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